This was announced on November 16, 2006. The 26 days between announcement and release was the shortest duration in the Live Trax series.

It was made available for order (along with Live Trax vol. 6) on blue vinyl through the Warehouse store on November 30, 2020. The vinyl release uses the same cover as the reprinted CD release with the exception of black lettering on the "Live Trax Ribbon" that is usually white.

It was made available for order on black vinyl through the Warehouse store on April 11, 2023.

Official Original DMB Release Notes:
"The 1996 Hampton New Year’s show with Dave Matthews Band and Béla Fleck and the Flecktones is considered by fans and crew alike, one of the most incredible jam sessions to date. The set list that evening reflected a nice array of songs from Remember Two Things, Under the Table and Dreaming and Crash. Béla Fleck joined DMB on stage for 9 songs and Béla and the full Flecktones ended up jamming with DMB for 5 songs.

An emotionally charged Seek Up set the mood for the evening at over 14 minutes in length. Improvisations were the theme that evening with old-school-style variations to the Say Goodbye lyrics, an Improv Jam with DMB and Béla and the Flecktones and a Drum Duet between Carter and Future Man! New arrangements for Satellite, Two Step and All Along the Watchtower were also introduced. Treasured songs of the New Year’s Eve concert include Typical Situation and Ants Marching, both showcasing a fantastic performance by DMB and Béla Fleck and the Flecktones.

The color hex code for the Live Trax Vol. 7 ribbon is #008cca.